Us Code § 70504 - Governing body
Full text of Us Code United States Code § 70504 — Governing body, with citation guidance and answers to common questions.
§ 70504. Governing body
(a)
(2) The board shall consist of 12 individuals elected, and subject to removal at any time, by a majority vote of the members of the corporation. The term of office of an elected director is 6 years. A vacancy on the board shall be filled by a majority vote of the members of the corporation.
(3) The board shall meet at least annually. Each director has one vote on each matter decided by the board. The board may delegate its powers to a prudential committee subject to the direction of, and reporting to, the board.
(4) The president of the corporation is the chairman of the board and of the prudential committee.
(b)
(2) The officers shall be elected by the board of directors at its annual meeting. The term of office of an officer is 1 year.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1352.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70504(a) | 36:577. | Aug. 24, 1954, ch. 911, §§7, 8, 68 Stat. 798. |
| 70504(b) | 36:578. |
In subsection (a), the names of the directors for 1954 and the language about their initial terms are omitted as obsolete. In paragraph (2), the words "caused by expiration of the members' terms or otherwise" are omitted as unnecessary.
About This Section
36 U.S.C. § 70504 is part of Title 36 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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